GLOBAL SYNDICATED LOANS REVIEW LEGAL ADVISORS REUTERS /Yves Herman First Three Months of 2017
FIRST THREE MONTHS 2017 LEGAL ADVISORS Global Syndicated Loans Legal Advisor Review Global Syndicated Lending Totals US$1 Trillion, down 10% I US Loans Account for 53% of Activity I Lending up 15% Global Deals Intelligence Global Industry Breakdown GLOBAL SYNDICATED LENDING FALLS 10% IN FIRST THREE MONTHS OF 2017 Global syndicated lending during the first three months of 2017 reached US$1 trillion, a 10% decrease compared to the first three months of 2016, despite an increase in event-driven lending. During the first three months of 2017, 2,373 transactions closed; a decrease of less than 1% compared to the first three months of 2016. US LENDING ACCOUNTS FOR 53% OF ACTIVITY Americas loans accounted for 63% of global loan volume during the first three months of 2017, registering an increase of more than 15% from last year. In the Americas, loan volume in the United States totaled US$534 billion, down 10.2% compared to last year, representing 53% of global volumes. EMEA accounted for 21% of global volumes as lending remained steady compared to the first three months of 2016. Asia Pacific saw a yearover-year decrease of, with ese lending up by 15%. FINANCIALS, ENERGY & POWER AND CONSUMER STAPLES LEAD LENDING Borrowings in the Financials sector totaled US$134 billion during the first three months of 2017, accounting for 13% of global loan activity. Financials, Energy & Power and Consumer Staples together accounted for 3 of syndicated loan volume during the first three months of 2017. The top deal was the British American Tobacco loan for US$31.8 billion in the Consumer Staples sector, followed by the Reckitt Benckiser loan for US$21.2 billion. 5% 9% 13% 11% 12% 11% Financials Energy and Power Consumer Staples Industrials High Technology Materials Healthcare Consumer Products and Services Media and Entertainment Real Estate Retail Government and Agencies Global Syndicated Loans Volume Proceeds (US$b) 5,000 Q1 Volume (US$b) Q2 Volume (US$b) Q3 Volume (US$b) Q4 Volume (US$b) 4,000 3,000 2,000 1,000 Top Global Deals Borrower Package Amt Sector Syndication 01/16/17 United Kingdom British American Tobacco PLC 31,826.8 Consumer Staples 03/10/17 United Kingdom Reckitt Benckiser Group PLC 21,216.0 Consumer Staples 03/16/17 United States Duke Energy Corp 8,000.0 Energy and Power 03/03/17 United States American Honda Finance 7,000.0 Financials 03/01/17 United States Change Healthcare Holdings LLC 6,835.0 High Technology 03/30/17 Italy Fiat SpA 6,674.5 Industrials 01/31/17 Grifols SA 6,305.4 Healthcare 02/15/17 Switzerland Lonza Group AG 6,196.2 Healthcare 02/03/17 United States Sprint Communications Inc 6,000.0 03/20/17 United States Avalon Re Ltd 5,500.0 Financials 01/13/17 United States Verizon Communications Inc 5,500.0 03/08/17 United States Dell International LLC 5,487.5 High Technology 02/24/17 United States Mars Inc 5,000.0 Consumer Staples 02/13/17 United States Crown Castle International 4,962.5 01/26/17 United States VodafoneZiggo 4,929.4 02/17/17 United States Burger King Worldwide Inc 4,900.0 Retail 02/22/17 United States Walgreens Boots Alliance Inc 4,800.0 Retail 03/24/17 Hong Kong Tencent Asset Mgmt Ltd 4,650.0 Financials 02/10/17 United States Pilot Travel Centers LLC 4,617.0 Energy and Power 02/22/17 United States Level 3 Finance 4,610.5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 1
US Proceeds Reach US$535 Billion l Technology and Financial Services Lead Market First Three Months 2017 Syndicated Loans Legal Advisors US Legal Advisor Review US Borrower Legal Advisor US Industry Breakdown 2017 Market 2016 # of Market Borrower Advisor Kirkland & Ellis Rank 1 Proceeds 57,314.6 10.7 Rank 2 Deals 67 8.5 Simpson Thacher & Bartlett 2 33,142.9 6.2 4 23 2.9 Jones Day 3 19,732.3 3.7 13 18 2.3 Cravath Swaine & Moore 4 18,503.5 3.5 3 11 1.4 5 17,823.3 3.3 1 23 2.9 Davis Polk & Wardwell 6 15,375.4 2.9 5 7 0.9 Weil Gotshal & Manges 7 12,763.8 2.4 6 17 2.2 Debevoise & Plimpton 8 11,706.1 2.2 7 0.9 Ropes & Gray 9 9,525.5 1.8 9 12 1.5 Fried Frank Harris Shriver & Jacobson 10 9,151.8 1.7 14 12 1.5 Top Ten Total 205,039.1 38.4 534,616.3 100.0 785 US Lender Legal Advisor 3% 19% 12% 9% 8% Technology Financial Services Utilities REITS Healthcare General Manufacturing Media Retail & Supermarkets Lender Advisor 2017 Rank Proceeds Market 2016 Rank # of Deals Market Cahill Gordon & Reindel 1 114,369.7 21.4 7 91 11.6 Shearman & Sterling 2 41,402.1 7.7 29 3.7 Davis Polk & Wardwell 3 37,909.4 7.1 6 24 3.1 Simpson Thacher & Bartlett 4 35,050.6 6.6 1 34 4.3 Cravath Swaine & Moore 5 32,771.9 6.1 2 28 3.6 6 32,737.2 6.1 3 43 5.5 McGuireWoods 7 23,951.1 4.5 4 34 4.3 White & Case 8 13,470.0 2.5 12 1.5 Milbank Tweed Hadley & McCloy 9 11,417.9 2.1 19 14 1.8 Moore & Van Allen 10 10,027.1 1.9 5 34 4.3 Top Ten Total 353,107.1 66.0 534,616.3 100.0 785 5% Business Services Wholesale Chemicals, Plastics & Rubber Oil and Gas Beverage, Food, and Tobacco Processing Other Top Americas Deals Syndication Borrower 02/03/17 United States Sprint Communications Inc 01/13/17 United States Verizon Communications Inc 01/26/17 United States VodafoneZiggo 03/01/17 United States Change Healthcare Holdings LLC 03/08/17 United States Dell International LLC 02/17/17 United States Burger King Worldwide Inc 02/13/17 United States Crown Castle International 02/24/17 United States Mars Inc 03/03/17 United States American Honda Finance 03/16/17 United States Duke Energy Corp Package Amt 6,000.0 5,500.0 4,929.4 6,835.0 5,487.5 4,900.0 4,962.5 5,000.0 7,000.0 8,000.0 Sector High Technology High Technology Retail Consumer Staples Financials Energy and Power Source: Thomson Reuters LPC Thomson Reuters LPC 2016. The attached content, including, but not limited to, text, data, reports, and other opinions, images, photos, graphics, graphs, and charts (the Content ), may not be redistributed or copied. The Content is the property of Thomson Reuters LPC, and is protected by copyright and other intellectual property laws. Contact Thomson Reuters LPC at (1) 646-223-6890 (New York) or (44) 207-542-7520 (London) for additional information. 2
Europe, Middle East & Africa Legal Advisor Review EMEA Lending Reaches US$214 Billion, No Change From Last Year l 274 Deals d First Three Months 2017 Syndicated Loans Legal Advisors LL02a EMEA Borrower Legal Advisor LL02b EMEA Lenders Legal Advisor Borrower Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Kirkland & Ellis 1 16 2,538.6 1.2 1.1 1 5 1.8 4 2 6 2,106.6 1.0 0.3 6* 1 0.4-1 Hengeler Mueller 3 3 1,825.6 0.9-0.7 6* 1 0.4-1 Simpson Thacher & Bartlett 4 12 1,534.6 0.7 0.3 4* 2 0.7 1 Allen & Overy 5 1 1,439.8 0.7-6.0 2* 3 1.1-15 Ropes & Gray 6-1,267.8 0.6 0.6 6* 1 0.4 - - Slaughter and May 7 4 998.4 0.5-0.4 6* 1 0.4-1 Cravath, Swaine & Moore 8-925.1 0.4 0.4 6* 1 0.4 - - Ashurst 9-750.0 0.4 0.4 6* 1 0.4 - - Clifford Chance 10 2 732.2 0.3-4.0 2* 3 1.1-2 Herbert Smith Freehills 11-565.9 0.3 0.3 6* 1 0.4 - - White & Case LLP 12 8 430.3 0.2-0.4 6* 1 0.4-4 Hogan Lovells 13 11 428.1 0.2-0.2 6* 1 0.4 0 - Cuatrecasas 14-411.1 0.2 0.2 4* 2 0.7 - - Jones Day 15 21 320.2 0.2 0.2 6* 1 0.4 0 - Burges Salmon 16-305.0 0.1 0.1-1 - - - Simmons & Simmons 17-300.0 0.1 0.1 6* 1 0.4 - - ENSafrica 18-294.3 0.1 0.1 6* 1 0.4 - - Linklaters 19 7 280.6 0.1-0.5 6* 1 0.4 0 - Fried Frank Harris Shriver & Jacobson 20-240.0 0.1 0.1 6* 1 0.4 - - Travers Smith 21-94.3 0.0 0.0-6* 1 0.4 - - Freshfields Bruckhaus Deringer - 5 - - - - - - - - - Weil Gotshal & Manges - 9 - - - - - - - - - Garrigues - 10 - - - - - - - - - Baker & McKenzie - 13 - - - - - - - - - Top Twenty Five Total 17,788.5 8.3-8.0 214,163.3 100.0 274-116 Lender Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Allen & Overy 1 1 36,839.3 17.2 3.4 1 17 17.2-19 Clifford Chance 2 2 8,357.0 3.9-7.9 2 10 3.9-13 Milbank Tweed Hadley & McCloy 3 21 6,305.4 2.9 2.8 3 1 2.9-1 Cahill Gordon & Reindel 4-4,745.8 2.2 2.2 4 7 2.2 7 5 7 3,038.5 1.4 0.2 5 4 1.4-2 Linklaters 6 12 1,796.5 0.8 0.3 6 6 0.8 2 Shearman & Sterling LLP 7 6 1,571.3 0.7-1.1 7 3 0.7-1 Watson Farley & Williams LLP 8-1,500.0 0.7 0.7 8 1 0.7 1 Weil Gotshal & Manges 9 15 1,478.2 0.7 0.5 9 3 0.7 2 White & Case LLP 10 3 1,466.1 0.7-2.0 10 2 0.7-1 Norton Rose Fulbright 11 16 1,017.6 0.5 0.3 11 2 0.5 0 - Baker & McKenzie 12 26 988.6 0.5 0.4 12 1 0.5-1 Noerr LLP 13-872.3 0.4 0.4 13 1 0.4 1 Ashurst 14 5 868.8 0.4-2.1 14 3 0.4-1 Freshfields Bruckhaus Deringer 15-797.3 0.4 0.4 15 1 0.4 1 Dentons 16 14 466.6 0.2 0.0-16 1 0.2-2 Cravath, Swaine & Moore 17-343.6 0.2 0.2 17 1 0.2 1 Iseme Kamau and Maema Advocates 18-300.0 0.1 0.1 18 1 0.1 1 Cliffe Dekker Hofmeyr 19-249.5 0.1 0.1 19 1 0.1 1 Herbert Smith Freehills 20 4 237.2 0.1-2.5 20 1 0.1-3 Simmons & Simmons 21 25 222.0 0.1 0.0-21 1 0.1 0 - Morais Leitao,Galvao Teles,Soares da Silva 22 31 205.4 0.1 0.1 22 1 0.1 0 - DLA Piper LLP 23 22 180.4 0.1 0.0-23 4 0.1 1 Hogan Lovells 24 9 94.3 0.0-0.8 24 1 0.0-4 Gomez Acebo & Pombo 25 32 69.3 0.0 0.0-25 1 0.0 0 - Top Twenty Five Total 73,941.7 34.4-4.3 214,163.3 100.0 274-116 Top EMEA Deals Syndication 01/16/17 United Kingdom 03/10/17 United Kingdom 03/30/17 Italy 01/31/17 02/15/17 Switzerland 03/06/17 France 03/17/17 Netherlands 01/27/17 02/14/17 Belgium 02/10/17 Sweden Borrower British American Tobacco PLC Reckitt Benckiser Group PLC Fiat SpA Grifols SA Lonza Group AG Safran SA Heineken International BV Telefonica SA Euroclear Bank SA Svenska Cellulosa AB SCA Nation Analysis Package Amt Proceeds Mkt. No. Sector Syndication Share % Issues 31,826.8 Consumer Staples United Kingdom 86,681.6 40.5 57 21,216.0 Consumer Staples 22,148.5 10.3 44 6,674.5 Industrials France 19,724.8 9.2 38 6,305.4 Healthcare Netherlands 16,503.1 7.7 13 6,196.2 Healthcare Germany 13,889.2 6.5 31 4,232.4 Industrials Italy 8,599.7 4.0 15 3,761.4 Consumer Staples Switzerland 7,905.4 3.7 5 3,211.3 Sweden 5,867.4 2.7 8 2,970.0 Financials Saudi Arabia 4,079.4 1.9 4 2,767.4 Consumer Staples 214,163.3 274 3
Asia Pacific (inc. & Australia) Legal Advisor Review, China and Hong Kong Account for 72% of Loan Volume in Region l 1,065 Deals d First Three Months 2017 Syndicated Loans Legal Advisors LL04a Asia Pacific & Borrower Advisor LL04b Asia Pacific & Lenders Advisor Borrower Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Borrower Advisor Rank Rank Proceeds Share % Share Ch. Rank Deals Share % # of Deals Clifford Chance 1 1,199.8 0.8 0.8 3* 1 0.3 - - Hogan Lovells 1 35 4,856.2 3.1 3.0 13* 2 0.9 1 Corrs Chambers Westgarth 2 16 783.0 0.5 0.4 3* 1 0.2 0 - Linklaters 2 2 4,342.0 2.7-0.3 4* 4 0.6-1 Minter Ellison 3 8 716.2 0.5 0.2 2 2 0.1 1 Baker & McKenzie 3 5 2,458.7 1.5-0.4 1 9 0.5 1 Chapman Tripp 4 7 700.5 0.4 0.0-3* 1 0.1-1 Mayer Brown LLP 4 32 2,112.6 1.3 1.2 4* 4 0.4 2 Gadens Lawyers 5 19 470.0 0.3 0.2 3* 1 0.1 0 - Allens 5 4 1,905.5 1.2-1.1 2 6 0.4 1 Allens 6 4 461.3 0.3-0.3 1 3 0.1-1 6 17 1,809.0 1.1 0.8 13* 2 0.4 0 - Rajah & Tann LLP 7 17 416.6 0.3 0.2 3* 1 0.1 0 - Ashurst 7 10 1,746.3 1.1 0.6 8* 3 0.4-4 DLA Piper LLP 8 12 385.0 0.2 0.0-3* 1 0.1 0 - Allen & Overy 8 3 1,685.5 1.1-1.2 3 5 0.3-8 - King & Wood Mallesons 9 2 371.8 0.2-2.1 3* 1 0.1-5 King & Wood Mallesons 9 6 1,615.5 1.0-0.7 13* 2 0.3-5 Reed Smith LLP 10 154.6 0.1 0.1 3* 1 0.1 - - Buddle Findlay 10 14 1,058.5 0.7 0.3 8* 3 0.3 1 Nishimura & Asahi 11 11 135.5 0.1-0.1 3* 1 0.1 0 - Norton Rose Fulbright 11 43 778.9 0.5 0.5 4* 4 0.3 3 Wright & Cooney 12 21 111.6 0.1 0.1 3* 1 0.1 0 - Clifford Chance 12 1 772.2 0.5-5.0 22* 1 0.3-8 ACCRA 13 68.2 0.0 0.0-3* 1 0.1 - - WongPartnership LLP 13 11 704.0 0.4-0.1 13* 2 0.2 - - Cooper Rapley Lawyers 14 57.5 0.0 0.0-3* 1 0.1 - - Rajah & Tann LLP 14 28 646.6 0.4 0.3 8* 3 0.2 - - Not Available 15 18 25.3 0.0-0.1 3* 1 0.1 0 - JunHe LLP 15 588.8 0.4 0.4 13* 2 0.2 2 Davis Polk & Wardwell - 1 - - - - - - - - - Herbert Smith Freehills 16 8 420.1 0.3-0.6 8* 3 0.2-3 Ashurst - 3 - - - - - - - - - Clayton Utz 17 383.5 0.2 0.2 22* 1 0.2 - - Milbank Tweed Hadley & McCloy - 5 - - - - - - - - - Marsinih Martoatmodjo Iskandar Kusdihardjo 18 365.0 0.2 0.2 22* 1 0.2 1 Allen & Gledhill - 6 - - - - - - - - - Lexcel Partners Attorneys at Law 19 351.3 0.2 0.2 22* 1 0.2 1 Baker & McKenzie - 9 - - - - - - - - - Link Legal India Law Services 20 260.5 0.2 0.2 4* 4 0.2 4 Norton Rose Fulbright - 10 - - - - - - - - - Bae Kim & Lee 21 31 260.0 0.2 0.1 13* 2 0.2 1-13 - - - - - - - - - Walkers 22 206.2 0.1 0.1 22* 1 0.1 1 Gilbert + Tobin - 14 - - - - - - - - - Nishimura & Asahi 23 201.1 0.1 0.1 8* 3 0.1 3 Shook, Hardy & Bacon (MO) - 15 - - - - - - - - - Freshfields Bruckhaus Deringer 24 200.0 0.1 0.1 47* 1 0.1 1 Kim & Chang - 20 - - - - - - - - - Cyril Amarchand Mangaldas 25 7 124.1 0.1-0.8 13* 2 0.1-3 Top Twenty Five Total 6,056.9 3.8-0.6 Top Twenty Five Total 29,852.1 18.7-1.9 159,303.9 100.0 1,065-163 159,303.9 100.0 1,065-163 *tie Top Asia Pacific & Deals Package Amt Syndication Borrower Sector 03/24/17 Hong Kong Tencent Asset Mgmt Ltd 4,650.0 Financials 03/23/17 CK Holdings 3,874.7 Financials 02/24/17 Sumitomo Corp 2,941.6 Materials 03/17/17 Hong Kong Sun Hung Kai Properties Ltd 2,834.7 Real Estate 03/31/17 Marubeni Corp 2,693.4 Consumer Staples 02/28/17 Sony Corp 2,658.3 High Technology 03/31/17 Takeda Pharmaceutical Co Ltd 2,519.0 Healthcare 03/14/17 India BPRL 2,390.2 Energy and Power 02/18/17 China Guangzhou Subway Co 1,893.9 Industrials 03/30/17 India Reliance Industries Ltd 1,750.0 Energy and Power Nation Analysis Proceeds Mkt. No. Syndication Share % Issues 82,652.9 51.9 800 Hong Kong 20,238.5 12.7 36 India 14,330.3 9.0 62 China 11,519.7 7.2 49 Australia 8,796.0 5.5 25 Indonesia 7,417.6 4.7 19 Singapore 5,141.0 3.2 17 Taiwan 3,775.0 2.4 27 Malaysia 1,311.9 0.8 6 159,303.9 1,065 4
First Three Months 2017 Syndicated Loans Legal Advisors Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: - Database coverage includes all loan transactions that have reached general close by the submission deadline and of which Thomson Reuters has been made aware. All current data and previous year's data is as of 9:00 am EST on May 2, 2017. - Full credit is given to the borrower s legal counsel and top tier manager s legal counsel. In cases of consolidation, credit will be given to the surviving/parent firm. Americas Robert Aydin Tel: +1 (646) 223-6844 E-mail: robert.aydin@thomsonreuters.com - Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days. For the purpose of the legal loans review T+10 late submissions will be included in advisor totals Europe Alex Lembcke Tel: +44 207 542 6593 E-mail: alex.lembcke@thomsonreuters.com - All league tables are based on deal proceeds unless otherwise specified. Regional league tables are based on Target Market. Rankings based on number of deals are available on product Asia Pacific / : Carina Causon Tel: +632 858 7221 E-mail: carina.causon@thomsonreuters.com - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of the financial closing. - League tables only include amendments that require 100% lender vote for the following amendments: decrease in pricing, change in tenor if maturity is extended by a period of more than 90 days, change in deal size, change to bookrunner, mandated arranger and/ or tier 1 agent, guarantor or collateral release, change in borrowing base criteria. - Thomson Reuters Legal Advisor loans data is compiled in conjunction with Thomson Reuters Loan Pricing Corporation (LPC). In combination, Thomson Reuters Investment Banking and Thomson Reuters LPC offer the most comprehensive and accurate view of the syndicated loans market available. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 2017 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 5